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Meezan Bank and Hyundai Nishat Motor sign Memorandum of Understanding for Priority Financing of Hyundai Commercial Vehicles
Meezan Bank Limited, Pakistan’s largest Islamic Bank and the Best Bank in Pakistan and Hyundai Nishat Motor (Private) Limited, a project of Nishat Group recently signed a Memorandum of Understanding to jointly promote Hyundai commercial vehicles in Pakistan by providing convenient financing terms with a residual value option.
This signing ceremony was organized at the grand opening of Hyundai’s Digital City Store in Karachi and was attended by Mian Hassan Mansha – CEO, Hyundai Nishat Motor (Pvt) Ltd., Mr. Min Kyu Song – President Africa and Middle East Region, Hyundai Motor Co. and Mr. Ariful Islam – Deputy CEO, Meezan Bank. Under the agreement, Meezan Bank will provide priority vehicle financing and additional value-added services to Hyundai’s commercial segment customers for Grand Starex and its upcoming locally assembled pick-up truck.
Commenting at the occasion, Mr. Ariful Islam said: “Our commitment towards ‘Establishing Islamic banking as banking of first choice…’ has led us to focus on the key financing needs of our customers. Alhamdullilah, Meezan Bank is one of the few banks in the country to offer the Residual Value option for commercial vehicles which will further enhance the customer’s flexibility and buying power.”
Mr. Norez Abdullah, CFO Hyundai Nishat while speaking at the occasion said: “We are delighted to have partnered with the country’s largest Islamic finance provider for our customers. This combination of strength and promise between Meezan and Hyundai shall go a long way in fulfilling the void in light commercial segment at affordable terms for our mutual customers This MoU would add a leading automobile brand in Meezan Bank’s portfolio which would benefit both the partners and ultimately offer a good option to the customers for fulfillment of their logistics needs.”
About Meezan Bank
Meezan Bank is the 7th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of over 690 branches in 190 cities supported by a countrywide network of over 700 ATMs, VISA & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the ‘Best Islamic Bank in Pakistan’ by numerous local and international institutions. The Bank has also been recognized as the ‘Best Bank in Pakistan’ by Pakistan Banking Awards– the most prestigious awards in Pakistan’s banking sector, which is a testimony of the Bank’s commitment to excellence. Other awarding institutions include Islamic Finance News - Malaysia, Global Finance magazine - New York, Asset AAA - Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association - Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has upgraded the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with a stable outlook. The rating indicates sound performance indicators of the Bank.